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The Real Deal Miami

NY investor sells Gables buildings for $9M

The sale of 42 apartments comes out to $205K per unit
By Katherine Kallergis | October 30, 2017 01:00PM

800-801 Capri Street in Coral Gables (Credit: Google Maps)

A local investor paid $8.6 million for two rental buildings in northern Coral Gables, with plans to renovate the properties and raise rents.

Capri Street Partners, a New York-based company controlled by Alfred Sayegh, sold the buildings at 800-801 Capri Street to Capri Elite Holdings LLC, led by Ivan Ryabushkin, according to property records. The 42-unit deal breaks down to about $205,000 per apartment.

The four-story buildings, built in 1969, span a total of roughly 57,000 square feet. The properties, which last sold for $6.3 million in 2014, sit across the street from each other.

Beacon Hill Property Group’s Matthew Martinez represented the buyer. One Commercial’s Leslie S. Cooper and Jesse Spencer of Compass represented the seller, which has ties to investor Burke Leighton.

“We’re in a Class A area with a Class C building and we feel we can bring the property to a [Class A],” Martinez said.

Current rents average $1.30 per square foot, according to Cooper. The buyer plans to raise them to $1.80 to $2 per square foot after renovations. Cooper said it would be easy to convert the apartments to condominiums, but declined to comment on the buyer and its plans beyond renovating the buildings.

Earlier this year, Shoma Group paid $15.2 million, or $323,000 per unit, for the bulk purchase of a 47-unit condo building in the Gables near the Shops at Sunset Place where it plans to develop a mixed-use project.

In 2016, a company owned by Sayegh and Samuel Matalon of Brooklyn paid $13.6 million for a 63-unit apartment building in Little Havana, about five miles away from the Gables buildings the Sayegh-led company just sold.